The financing of the first phase of Salmon Garden has two components. It consists partly of the issuance of new share capital in Samherji fiskeldi ehf. amounting to EUR 125 million, or around ISK 18 billion, and partly of a syndicated loan of EUR 110 million, or around ISK 16 billion.
The EUR 110 million syndicated loan is led by Íslandsbanki with participation from Landsbankinn, Nordea and Eksfin – Export Financing Norway.
The land‑based facility will be located in the HS Orka resource park by the Reykjanes geothermal power plant, with access to renewable energy from the plant. The station will be built in three phases, with groundwork having begun in October 2024. After the first phase, the facility is expected to produce around 10 thousand tonnes of gutted salmon, and once fully built, it will reach a production capacity of 30 thousand tonnes per year.
Around 100 people will work at Salmon Garden, most of them in knowledge‑based roles, as the facility will place strong emphasis on automation. In addition, the facility will be supported by the 120 employees and specialists who currently work at Samherji fiskeldi.
Due to strong interest in the project, it was decided to expand the equity issuance and thereby lay the foundation for the next phase of constructing the land‑based facility, which is expected to close in the coming weeks.
Íslandsbanki Corporate Finance and Arctic Securities in Oslo served as advisors to Samherji fiskeldi in the financing process.